AX1 accent group limited

Free cash flow yield of 8.4 %, while they opened 80 new stores...

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    Free cash flow yield of 8.4 %, while they opened 80 new stores (821 total stores at 30/6/23).
    High free cash flow due both to growth of EBITDA and strong control of inventory (flat despite + 24 % for sales).

    Surprising good level of sales during H2 : + 8 % lfl, but at the expense of the gross margin (which increased by 100 bp for FY 23, vs + 190 bp during H1 23, so probable decrease during H2).
    Last edited by saintex: 24/08/23
 
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